Which of the following is an implicit cost to a firm that produces a good or service?  A. Labor costs B. Costs of operating production machinery C. Foregone profits of producing a different good or service D. Costs of renting or buying land for a production site

Which of the following represents a long-run decision for the firm? a. rehiring workers who were previously laid off. b. determining what price to charge for a given level of output. c. deciding how much output to supply to the market at the current market price. d. building another wing on the plant in order to add a new assembly line. answer. (d. building another wing on the plant in order to add a new assembly line.) Please help me explain this questions. Thanks in advance

The at a given production level x approximates the cost of producing the (x + 1)st or next item. screenshot attached

When you calculate marginal costs, they should include: SELECT THE CORRECT ANSWER  A.the market price of the product. B.only variable costs. C.both the variable and fixed costs. D.only fixed costs.

Q3 need in 10 minutes

Average total cost, average variable cost marginal cost and marginal product a. Why is the gap or difference between average total cost and average variable cost larger at initial level of production ction and then the gap is decreasing as output increases? Explain.

Long-run costs of production are generally lower than the short run costs because:   a. all inputs are fixed in the long run. b. firms cannot change their scale of production in the long run. c. there is greater flexibility in input usage in the long run.